General Electric Chairman and CEO shot down reports that the company is looking to sell off NBC Universal as he welcomed new NBCU CEO Jeff Zucker, according to Fortune magazine.
Immelt called the reports from the New York Post and Fox News as “more or less made-up stupid drivel.” Both media outlets are part of News Corp. (NYSE: NWS).
Immelt’s remarks were made from NBC’s Studio 8H, home of “Saturday Night Live” on Wednesday as employees were gathered for an event to welcome Zucker and honor his predecessor, Bob Wright.
The reports said that Wright wrote up a plan to sell off NBCU and discussed it with Immelt before stepping down from his post. The reports futher speculated that Zucker was brought in to lead the company through a potential spin off.
New York-based NBC Universal is a joint venture of Paris’ Vivendi and Fairfield, Conn.-based General Electric (NYSE: GE), which owns 80 percent and control of NBC.